PBAP vs. IVVB

Last updated Jun 4, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and IVVB (iShares Large Cap Deep Buffer ETF) are both Options Trading funds. Both are actively managed. Over the past year, PBAP returned 13.30% vs 14.57% for IVVB. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

PBAP vs. IVVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and iShares Large Cap Deep Buffer ETF (IVVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBAP achieves a 6.70% return, which is significantly higher than IVVB's 4.57% return.

PBAP

• 1D: -0.13%
• 1M: 1.19%
• YTD: 6.70%
• 6M: 7.49%
• 1Y: 13.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVB

• 1D: -0.14%
• 1M: 1.91%
• YTD: 4.57%
• 6M: 4.37%
• 1Y: 14.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PBAP vs. IVVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.70%	6.34%	8.88%
IVVB iShares Large Cap Deep Buffer ETF	4.57%	9.60%	11.67%

Correlation

The correlation between PBAP and IVVB is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.87

The correlation between PBAP and IVVB shifts across timeframes, from 0.76 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PBAP vs. IVVB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 96
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 97
PBAP Martin Ratio Rank: 98

IVVB

IVVB Risk / Return Rank: 58
IVVB Sharpe Ratio Rank: 59
IVVB Sortino Ratio Rank: 59
IVVB Omega Ratio Rank: 63
IVVB Calmar Ratio Rank: 51
IVVB Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PBAP vs. IVVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and iShares Large Cap Deep Buffer ETF (IVVB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PBAP	IVVB	Difference
Sharpe ratio: Return per unit of total volatility	4.29	2.02	+2.27
Sortino ratio: Return per unit of downside risk	7.35	2.82	+4.53
Omega ratio: Gain probability vs. loss probability	2.15	1.39	+0.77
Calmar ratio: Return relative to maximum drawdown	11.41	2.55	+8.86
Martin ratio: Return relative to average drawdown	82.09	10.94	+71.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBAP vs. IVVB - Sharpe Ratio Comparison

The current PBAP Sharpe Ratio is 4.29, which is higher than the IVVB Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of PBAP and IVVB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBAP	IVVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.29	2.02	+2.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.31	+0.14

Drawdowns

PBAP vs. IVVB - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, smaller than the maximum IVVB drawdown of -13.08%. Use the drawdown chart below to compare losses from any high point for PBAP and IVVB.

Drawdown Indicators

	PBAP	IVVB	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	-13.08%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	-5.75%	+4.58%
Current Drawdown Current decline from peak	-0.13%	-0.15%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.79%	-1.61%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	1.34%	-1.18%

Volatility

PBAP vs. IVVB - Volatility Comparison

The current volatility for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) is 0.59%, while iShares Large Cap Deep Buffer ETF (IVVB) has a volatility of 0.74%. This indicates that PBAP experiences smaller price fluctuations and is considered to be less risky than IVVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBAP	IVVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.74%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	5.49%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.12%	7.27%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	9.28%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.10%	9.28%	-2.18%

PBAP vs. IVVB - Expense Ratio Comparison

Both PBAP and IVVB have an expense ratio of 0.50%.

Dividends

PBAP vs. IVVB - Dividend Comparison

PBAP has not paid dividends to shareholders, while IVVB's dividend yield for the trailing twelve months is around 1.17%.

Position	TTM	2025	2024
IVVB iShares Large Cap Deep Buffer ETF	1.17%	1.22%	0.87%
PBAP PGIM US Large-Cap Buffer 20 ETF - April	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBAP and IVVB in my portfolio?

PBAP and IVVB have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBAP or IVVB?

IVVB has higher volatility (0.74%) compared to PBAP (0.59%). In terms of maximum drawdown, PBAP dropped -9.70% vs IVVB's -13.08%.

Which ETF is better, PBAP or IVVB?

On 1-year performance, IVVB leads with 14.57% vs 13.30% for PBAP. Both ETFs have the same 0.50% expense ratio. On volatility, PBAP has been the lower-risk option at 0.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBAP or IVVB?

Over the 1-year period, IVVB has performed better with a 14.57% return vs 13.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBAP or IVVB?

PBAP and IVVB have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, PBAP or IVVB?

IVVB has the higher dividend yield at 1.17%, compared with 0.00% for PBAP.

What is the main difference between PBAP and IVVB?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

PBAP currently has the higher Sharpe Ratio (4.29 vs 2.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.